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Guys retired w 4K per month?

Old 04-07-2012, 12:19 PM
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Default Guys retired w 4K per month?

Guys retired w a income of 4K per mo. and a home that is paid off, are you worried right now?
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Old 04-07-2012, 12:27 PM
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Not exactly an answer to your post but....My dad and mom retired with a whole lot less and not a million in the bank. Prob less than 75K in 1995. They loved their retirement and did what they wanted within their health restrictions until his death last year. Mom continues doing what she wants . Nice to have family that enjoys the time together and that does what they can to make things better.
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Old 04-07-2012, 12:35 PM
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Originally Posted by 08087 View Post
Guys retired w a income of 4K per mo. and a home that is paid off, are you worried right now?
I wouldn't mind making that much working.
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Old 04-07-2012, 12:44 PM
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No problem at all if you planned your life.
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Old 04-07-2012, 12:48 PM
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Everyone has different budgets and circumstances. Only that person can decide if that's enough money.
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Old 04-07-2012, 01:11 PM
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Originally Posted by lobstercatcher View Post
I wouldn't mind making that much working.
The catch is that you have the potential to earn more where as a person that is retired is on a fixed income for the most part.

we should assume for the sake of argument that the retired couple own a modest home, are in good health, and do normal activities.

With pending inflation are any of you retired members a bit scared where things will go for you?
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Old 04-07-2012, 02:30 PM
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Having the house paid off is key. With 0 debt one could be happy on 4k per month in retirement.
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Old 04-07-2012, 02:42 PM
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Depends on what your healthcare situation is. If u have Medicare and a supplemental you should be able to get by.
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Old 04-07-2012, 02:55 PM
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4k a month would be tough if you're active. A lot would depend on the your tax situation and medical costs. Property taxes, house, car and medical insurance could cut into that 4 k pretty substantially.
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Old 04-07-2012, 03:01 PM
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Originally Posted by 08087 View Post
The catch is that you have the potential to earn more where as a person that is retired is on a fixed income for the most part.

we should assume for the sake of argument that the retired couple own a modest home, are in good health, and do normal activities.

With pending inflation are any of you retired members a bit scared where things will go for you?
Although there is that chance to earn more.. There is also a chance a person can win the lottery.. Being practical and logical I'd say if you haven't been able to earn X amount or win the lottery big time in the past.. your chances don't improve as retirement come unless you have a golden job.
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Old 04-07-2012, 04:00 PM
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4K per month is just above the median household income in the US BTW....
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Old 04-07-2012, 04:08 PM
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I'm gonna die in the saddle, according to my retirement calculators (and I have been saving the max 401K allowance every year since I was 25) that I will need to contribute more than my current salary for the next 25 years to live comfortably....

guess I am screwed, looks like all of the Pre-Baby Boomers got the good ride.....
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Old 04-07-2012, 04:40 PM
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A lot will depend on your other fixed expenses and medical expenses (now and future). In addition, is that $4K indexed to real inflation (food, gas and medical)? If not, it will erode in value over time.
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Old 04-07-2012, 04:44 PM
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Is the $4k before or after taxes (that's only $3k after taxes)? Forget the house, what's the monthly expenses for boat that you can now use every day?
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Old 04-07-2012, 05:15 PM
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Ok,OK House is paid for, taxes are presently 5K per yr. 4K per mo. is pre tax, they have medicare with suplimental ins. the boat is paid for w 115 pwr. and uses 20 gal per wk 6 months per yr.
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Old 04-07-2012, 06:15 PM
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I could get by just fine on that....but ....add in a wife....probably not, LOL Seriously though, just depends on their budget/expenses etc and how frugal they wanna be.
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Old 04-07-2012, 11:29 PM
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I am retired but haven't "touched" anything yet, including S.S.. Getting ready to apply for Medicare (late! ) and we have insurance and long-term care from/through the wife's job. She will probably work maybe 5 more years.

However, our health insurance premiums will REALLY go up when she retires, as we will be paying the FULL "group rate", without the PARTIAL subsidy that she currently gets.

We have very little debt, and will be "comfortable" (I THINK? ) when she retires.

P.S. - I AM starting to try various "cat food" receipes - just haven't told the wife. My cooking is so good, she can't tell the difference!

Regards,
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Old 04-08-2012, 03:58 AM
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I see LOT of Seniors around here get by on that amount with no problem

Just depends on how you live and the main key is NO DEBT.

In my line of work it would surprise you how well some folks can live on minimal income and how poorly some folks live that have "money to burn"

All comes down to the individual/couple

Main thing is to start preparing for retirement EARLY which so many in my generation (I will be 50 this year) have not. Gonna be scary when my group gets to retirement age, many have spent their retirement savings living large and others have lost it due to job cut backs in last few years and they will never recover

With that said it is overall pretty cheap to live in our area, property taxes are CHEAP(folks bitch about them but they no idea what others pay), mild weather for most part which keeps heating costs down and most services are reasonable

See LOT of what we call DAMN Yankee's (JK) move down here and they all tell me same thing is cost of living is so much better here
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Old 04-08-2012, 05:31 AM
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my dad retired with less than that. His house is paid off and he has a pension from the IBEW/Va Power that give him healthcare and turns into supplemental HC now that he has hit medicare age. He also gets SS. He can do pretty much what him and my mom want to.
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Old 04-08-2012, 06:26 AM
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Originally Posted by Mardi-Gras View Post
I'm gonna die in the saddle, according to my retirement calculators (and I have been saving the max 401K allowance every year since I was 25) that I will need to contribute more than my current salary for the next 25 years to live comfortably....

guess I am screwed, looks like all of the Pre-Baby Boomers got the good ride.....
X2 almost feels like I am caught between to points financially. Been saving as aggressively as possible perhaps putting off other things I could have had or done.

Have been maxing my 401k since I was 30 and now in my "catch up" years as well.

I am much further along than most of my peers however at the current age 52 with 59 1/2 target retirement date I have my doubts.

Looks as though I will be given more of my life to contributing to SS than I would like.

The one silver lining if it pans out is a 19-20 year pension that I am nearly 11 years into. If that is not frozen prior to 55 I will be a bit better off.
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